Poolin files Chapter 11, seeks $52M asset sale; owes $163.7M to Wallet users

Poolin Technology filed Chapter 11 on July 22, 2026. The plan sets an orderly wind-down and sale of West Texas mining sites.

A $52 million stalking-horse bid from Thor CALAP LLC covers the Pyote and Tarbush sites. Prepetition liabilities total $173.1 million. Of that, $163.7 million are unsecured IOUs owed to ~11,700 Poolin Wallet users since 2022 freezes. Bankruptcy docket, Case No. 26-18325.

This is not a turnaround. It is a liquidation path. Creditors will look to raise bids above the $52 million floor. But the asset value sits far below claims. Primary filings.

What matters for investors:
- Process: Chapter 11 in the District of New Jersey. Debtors include Poolin Technology PTE. Ltd., Lonestar Dream Inc., and Lonestar Taproot LLC. Court record.
- Sale: $52 million stalking-horse sets a baseline. Higher bids may emerge for operating mining infrastructure. Docket.
- Claims: $163.7 million unsecured IOUs to ~11,700 Wallet users face recovery uncertainty. Unsecured recoveries depend on sale proceeds and priority claims. Docket.

Context for BTC mining:
- Mining sites can trade hands and keep running if power and opex pencil out.
- Corporate shells can fail while sites survive under new owners.
- The case highlights the long tail from 2022 freezes and stranded balances still working through courts.

Key takeaways:
- Filing date: July 22, 2026.
- Floor bid: $52 million for Pyote and Tarbush.
- Liabilities: $173.1 million total, including $163.7 million to ~11,700 Wallet users.
- Trajectory: Wind-down and asset liquidation, not a growth restructuring.
All facts per Poolin Technology Chapter 11 docket.